President Yoon Suk Yeol Advocates for Updated South Korea-Britain FTA to Lead Global Market

Business

LONDON: During his state visit to London, South Korean President Yoon Suk Yeol expressed optimism that revising the South Korea-Britain free trade agreement (FTA) will position businesses from both countries to lead the global market. His remarks came at a business forum attended by CEOs and business representatives from both nations.

According to Yonhap News Agency, The forum, part of Yoon’s ongoing visit, celebrated the signing of a joint declaration to commence negotiations for updating the FTA, which originally took effect in 2021. Yoon emphasized the importance of incorporating feedback from business communities and establishing new sector-specific rules, including in the digital, supply chain, and energy sectors.

Yoon also highlighted plans for closer cooperation in supply chains, including the establishment of a minister-level dialogue and an MOU on semiconductor collaboration. The event saw attendance from notable South Korean business leaders, including Samsung Electronics Executive Chairman Lee Jae-yong and Hyundai Motor Group Executive Chair Euisun Chung, along with British counterparts from ARM, Rolls Royce, and Standard Chartered.

The gathering witnessed the signing of several MOUs, enhancing bilateral cooperation in various fields like semiconductors, clean and nuclear energy, off-shore wind power, and joint defense industry exports. Additionally, over 30 MOUs were signed between companies and institutions of the two countries, encompassing advanced technology sectors such as energy, artificial intelligence, defense, biotechnology, and finance.